Fair Value Measurements and Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

The Company’s fair value hierarchy for its financial instruments measured at fair value on a recurring basis as of March 31, 2025 and December 31, 2024, were as follows (in thousands):

	Fair Value Measurements
As of March 31, 2025	Total		Level 1		Level 2		Level 3
Assets:
Money market funds (included in cash equivalents)	$	76,481	$	76,481	$	—	$	—
Total fair value of assets	$	76,481	$	76,481	$	—	$	—

	Fair Value Measurements
As of December 31, 2024	Total		Level 1		Level 2		Level 3
Assets:
Money market funds (included in cash equivalents)	$	1,009	$	1,009	$	—	$	—
Total fair value of assets	$	1,009	$	1,009	$	—	$	—
Liabilities:
Derivative liabilities (including $995 for a related party)	$	1,042	$	—	$	—	$	1,042
Tranche liability (including $331 for a related party)		365	$	—	$	—		365
Total fair value of liabilities	$	1,407	$	—	$	—	$	1,407

Summary of Estimated Fair Value

The following assumptions were used to determine the estimated fair value of the derivative liabilities related to the redemption features as of the issuance dates for the three months ended March 31, 2025:

	At Issuance Date (January 10, 2025)
Expected term (in years)	0.2 – 0.3
Probability of achievement	0.0% – 80.0%
Discount rate	8.50%

The following assumptions were used to determine the estimated fair value of the derivative liabilities related to the redemption features as of the issuance date and as of December 31, 2024:

	Issuance Dates	December 31, 2024
Expected term (in years)	0.4 – 1.3	0.2 – 0.4
Probability of achievement	0.0% – 90.0%	0.0% – 80.0%
Discount rate	9.5% – 18.7%	9.00%

The significant assumptions were as follows as of December 31, 2024:

	December 31, 2024
Expected term (in years)	0.2 - 0.4
Probability of achievement	0.0% - 80.0%
Discount rate	9.0%

Summary of Aggregate Fair Values of Outstanding Level 3 Financial Instruments

The following table provides a roll-forward of the aggregate fair values of the Company’s outstanding Level 3 financial instruments during the three months ended March 31, 2025 (in thousands):

	Derivative liabilities			Tranche liability
Balance as of January 1, 2024	$	—		$	—
Initial fair value at issuance		1,117			—
Change in fair value		—			—
Balance as of March 31, 2024	$	1,117		$	—
Balance as of January 1, 2025	$	1,042		$	365
Initial fair value at issuance		187			—
Change in fair value		(1,229	)		(365	)
Balance as of March 31, 2025	$	—		$	—